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<br />. r- <br />'" <br /> <br />. . <br />-;.- <br /> <br />Agenda Item lOb <br />January 11, 1996 <br />Page Three <br /> <br />As security for the loan, the Town is proposing a pledge of Water and Sanitation Fund revenues and <br />as well as the property to be acquired for the project and all improvements located on the property. <br /> <br />Table 2 gives a number of post-project financial indicators for the Town. All of the indicators appear <br />to be favorable or close to average for municipal systems in Colorado. <br /> <br /> TABLE 2. MINTURN FINANCIAl INDICATORS m, (2) <br />Indicator Value Weak Averaae Strono <br />Current + New Debt per Capita $799 >$2,000 $1,000-2,000 X <$1,000 <br />Current + New Debt per Tap $1,394 >$5,000 $2,500-5,000 X <$2,500 <br />Debt Coverage Ratio (TR-OElIDS 126% <120% X 120-170% >170% <br />Monthlv Residential Water Rate $34 State-wide avo. municipal:; $22 per month <br />Water Rate as Percent of Med. Hshld. Inc. 1.44% Should be less than 1.5% <br /> <br />(1) Based on information provided by the Town of Minturn. <br />(2) Rating criteria and averages provided by Division of Local Government <br /> <br />Correspondence dated January 12 from the Colorado Water Resources and Power Development <br />Authority states that "...the Colorado Water Resources and Power Development Authority has reached <br />its lending capacity with the town of Minturn and would not consider it for additional funding at this <br />time. " <br /> <br />RECOMMENDATION <br /> <br />Based on a detailed review of feasibility submittals by the Town, on discussions with the Town staff <br />and on the preceding analysis, the CWCB staff recommends that the Board include the Town of <br />Minturn Bolts Lake Project, as described above, in the 1996 Construction Fund request to the General <br />Assembly in the amount of $360,000 for a repayment period of 30 years at a lending rate of 5.25% <br />subject to all standard contracting requirements of the CWCB. <br /> <br />Attachment <br /> <br />IOb.jan <br /> <br />cc: Michael Gallagher, Mayor of Minturn <br />Richard Dangler, Town of Minturn <br />Dan Law, Water & Power Authority <br />Linda Bassi, Attorney General's Office <br />Leo Eisel, McLaughlin Water Engineers <br /> <br />WEG/scm <br />